2013, the Russian oil company Rosneft paid AAR $28 billion in cash for its 50% stake in TNK-BP. Their original investment was $8 billion of assets. Up to this point, AAR had taken $19 billion in dividends from the joint venture. The sale represented the liquidation of the majority of Blavatnik's Russian assets. In 1999, Blavatnik sought to obtain the competing oil company Chernogorneft, which was being auctioned off. Blavatnik's TNK company obtained Chernogorneft at $180 million, even though the company had produced $1.2 billion worth of oil the year before. Petrochemicals and oil In August 2005, Access Industries bought petrochemicals and plastics manufacturer Basell Polyolefins from Royal Dutch Shell and BASF for $5.7 billion. On December 20, 2007, Basell completed its acquisition of the Lyondell Chemical Company for an enterprise value of approximately $19 billion. The resulting company, LyondellBasell Industries then became the world's eighth largest chemical company based on net sales. On January 6, 2009, the U.S. operations of LyondellBasell Industries filed for bankruptcy. On April 30, 2010, LyondellBasell emerged from Chapter 11 bankruptcy protection in a significantly improved financial position. As part of its exit financing, LyondellBasell raised $3.25 billion of first priority debt as well as $2.8 billion through the rights offering jointly underwritten by Access Industries, Apollo Management, and Ares Management. LyondellBasell stock has increased 103% in value since April 2010. Access currently owns approximately 21% of LyondellBasell. Claim Against JP Morgan Chase In 2010, Blavatnik sued JPMorgan Chase after losing $100 million by allegedly following Morgan's advice three years earlier to buy mortgage securities with AAA credit ratings. In 2013, the New York State Supreme Court ordered JPMorgan Chase to pay Blavatnik $50 million in damages. At the time, Blavatnik told the New York Times: "The small guy can't get anywhere with suits like this. I am a wealthy man. I will spend whatever it takes." Entertainment In early 2010, Access Industries was reported as one of a handful of bidders for Metro-Goldwyn-Mayer. On May 6, 2011, Warner Music Group announced its sale to Access for US$3.3 billion. On July 20, 2011, an Access affiliate acquired Warner Music Group for $3.3 billion. Though WMG was the World's third largest record company and considered a "trophy asset", it was also laden down with debt and struggling to find an answer to online music piracy. In May 2020, Warner Music announced it would proceed with an